Application to acquire up to 100% of The Warehouse
News release 21 December 2006
Foodstuffs lodges application with Commerce Commission to acquire up to 100% of The Warehouse
Foodstuffs confirmed today that it has lodged an application with the Commerce Commission to acquire up to 100 percent of The Warehouse.
Foodstuffs New Zealand Managing Director Tony Carter says the company is simply keeping its options open by filing the application.
"No decisions have been made but we continue to consider our options and it is only logical to obtain a view from the Commerce Commission on the potential for up to 100 percent ownership."
Mr Carter says since Foodstuffs achieved its initial 10% stake in July this year, there has been a great deal of movement and activity around the ownership of The Warehouse.
"We continue to hold the view that The Warehouse is a well-run business in the retail sector and has a similar culture to Foodstuffs, with both companies New Zealand-owned and controlled.